Omega Navigation Enterprises Announces Quarterly Cash Dividend of $0.50 per Common Share
PIRAEUS, GREECE -- (MARKET WIRE) -- February 8, 2007 -- Omega Navigation Enterprises, Inc. (NASDAQ: ONAV), (SGX: ONAV50), a provider of global marine transportation services
focusing on product tankers announced today that on February 7, 2007, its
Board of Directors declared a quarterly cash dividend with respect to the
fourth quarter of 2006 of $0.50 per common share, payable February 28, 2007
to stockholders of record on February 15, 2007.
About Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc. is an international provider of global
marine transportation services through the ownership and operation of six
product tankers. The current fleet includes 6 double hull product tankers
with a total cargo-carrying capacity of 366,358 dwt. All six product
tankers are chartered out on 3 year period time charters. Furthermore, the
Company has or had options to acquire four additional double hull Ice Class
1A product carriers currently under construction and are expected to be
available for delivery between March 2007 and September 2007.
The Company was incorporated in the Marshall Islands in February 2005. Its
principal executive offices are located in Piraeus, Greece and it also
maintains an office in the United States.
Omega Navigation's Class A common shares are traded on the NASDAQ National
Market under the symbol "ONAV" and are also listed on the Singapore
Exchange Securities Trading Limited under the symbol "ONAV 50."
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "will," "may," "should," "expect" pending
and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, the Company's management's examination of
historical operating trends, data contained in the Company's records and
other data available from third parties. Although the Company believes that
these assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company's control,
the Company cannot assure you that the Company will achieve or accomplish
these expectations, beliefs or projections.
In addition to these important factors other important factors that, in the
Company's view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of world
economies and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand for product tanker
and dry bulk shipping capacity, changes in the Company's operating
expenses, including bunker prices, drydocking and insurance costs, the
market for the Company's vessels, availability of financing and
refinancing, changes in governmental rules and regulations or actions taken
by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, vessels breakdowns and instances of off-hires and other factors.
Please see the Company's filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks and